First, the bad news. According to today's Daily Telegraph (page 35, print edition), "City traders are betting heavily that Independent News & Media (INM) will be forced into administration as early as Monday as 11th-hour talks between shareholders and bondholders collapsed."

How did Tony O'Reilly build his media empire from its small beginnings? His biographer, and chief executive of Independent News & Media's UK division, Ivan Fallon, tells the full story in today's Independent.